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West Beverly: Rising Home Values and Stable Ownership in a Chicago Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Beverly, a vibrant neighborhood in Chicago, Illinois, has experienced significant changes in its housing market over the past decade. This area is characterized by its strong sense of community and notably high homeownership rates. From 2015 to 2022, the homeownership rate in West Beverly increased from 87% to 93%, reflecting a growing trend towards property ownership.
This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $206,463, which grew steadily to reach $306,383 by 2022, marking a 48.4% increase over this period. The most significant annual increase occurred between 2020 and 2021, with a 12.2% jump from $263,406 to $295,459.
The relationship between federal interest rates and homeownership rates in West Beverly appears to follow the general economic principle that lower interest rates encourage homeownership. As interest rates remained relatively low between 2013 and 2020 (ranging from 0.09% to 2.16%), the homeownership rate in the neighborhood increased from 90% to 92%, suggesting that favorable financing conditions may have contributed to the growing number of homeowners in the area.
Conversely, the percentage of renters in West Beverly decreased over time, dropping from 12% in 2015 to 7% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent increased from $1,047 in 2013 to $1,309 in 2022, representing a 25% increase. However, rent prices fluctuated during this period, with the highest average rent recorded in 2018 at $1,494, before decreasing in subsequent years.
Recent data shows that the average home price in West Beverly for 2023 was $302,873, slightly lower than in 2022. However, in 2024, the average home price rebounded to $314,528, indicating a continued upward trend in property values. This increase occurred despite the federal interest rate rising to 5.33% in 2024, significantly higher than rates seen in previous years.
Predictive models forecasting 5-year trends anticipate that average home prices in West Beverly will continue to rise, albeit at a more moderate pace. The average home price could potentially reach around $350,000 by 2029. Rent prices are also expected to continue a gradual increase, potentially reaching an average of $1,500 per month by 2029. However, these projections may be influenced by various factors, including economic conditions and local market dynamics.
In summary, West Beverly has demonstrated a strong trend towards homeownership, with consistently increasing average home prices over the past decade. The neighborhood has also experienced a decline in its renter population, although average rent prices have generally trended upward. The recent uptick in average home prices, even in the face of rising interest rates, suggests a robust and desirable housing market in this Chicago neighborhood.
